Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Idaho Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that serves as evidence of a mortgage being partially released or satisfied by a corporation in the state of Idaho. This document is typically used when a corporation has made partial payments towards a mortgage and wishes to release the lien on a specific portion of the property. It is an important step in the mortgage process that ensures transparency and clarity between the parties involved. The Idaho Partial Release or Satisfaction of Mortgage by a Corporation includes various essential details. These details include the names and addresses of the mortgagor (borrower), mortgagee (lender), and the corporation. Additionally, the document outlines important specifics such as the original mortgage amount, the date the mortgage was recorded, the legal description of the property, and the amount being released or satisfied. There are different types of Idaho Partial Release or Satisfaction of Mortgage by a Corporation that can be used depending on the specific circumstances: 1. Partial Release of Mortgage: This type of release is used when the corporation has made partial payments towards the mortgage, and they wish to release the lien on a specific portion of the property. It is most commonly used when a corporation wants to sell a portion of the property while keeping the remaining part encumbered by the mortgage. 2. Partial Satisfaction of Mortgage: In cases where the corporation has made partial payments towards the mortgage, but the mortgage is not being fully released, they can indicate the partial satisfaction of the mortgage amount. This type of release acknowledges the reduction of the outstanding mortgage balance while still maintaining a lien on the property. 3. Conditional Partial Release of Mortgage: This release is utilized when certain conditions are met before the lien on a portion of the property is released. For example, the corporation may agree to make additional payments or provide collateral security before the release becomes effective. The Idaho Partial Release or Satisfaction of Mortgage by a Corporation is an important legal document that protects both the corporation and the lender's interests. It ensures that all parties involved have a clear understanding of the mortgage terms and the specific portion of the property being released or satisfied. It is crucial for corporations and lenders to consult with legal professionals when drafting or executing such documents to ensure compliance with Idaho state laws and regulations.
